"The site has laid fallow for more than 10 years, generatingonly basic tax revenues," says Nancy Kist, executive director ofthe BLRA. "Kaplan is proposing to add a significant ratable to thecity's tax base, creating a community that will be a great place tolive and work."

Texaco has owned the site for nearly a century, and Kaplanofficials say they have an agreement with the company, now known asChevronTexaco, to buy the land pending final approvals for theproject. The "conditional developer" designation calls for asix-month window for Kaplan and the BLRA to iron out a formalredeveloper's agreement.

And the approval process Kaplan faces includes environmental OKsfrom the New Jersey DEP and the US Army Corps of Engineers, siteplan approval by the city planning board and water/sewer extensionpermits from the local utilities authority. A portion of the site,which wraps around the base of the Bayonne Bridge in the city'sBergen Point section, needs environmental remediation, a processthat Kaplan and ChevronTexaco say they have agreed to work ontogether.